Vietnam can become a gateway for Indian businesses and goods to enter other large markets, according to Do Quoc Hung, head of the Asia-Africa Market Department under the Vietnamese Ministry of Industry and Trade.

Hung, who led the Vietnamese delegation to the Vietnam-India trade-investment-tourism promotion forum in New Delhi on November 13, said Vietnam can help India penetrate the markets of ASEAN and partners in 12 free trade agreements the country has signed, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement.

This is a foundation for Vietnam to integrate into the world at a new level, open up broader cooperation space for its development and create a favourable environment for foreign investors, Hung said at the event which drew more than 200 delegates from Vietnamese and Indian businesses.

According to Hung, the world and the region are experiencing great instability. Protectionism and trade tension among world powers have slowed down regional and global trade expansion, negatively impactingall regional countries, including India and Vietnam, he said.

However, he said with its potential, advantages and efforts, Vietnam is improving its business environment and offering more favourable conditions for foreign investors to do business in the country.

Amidst the difficult world and regional economic situation, Vietnam and India should foster collaboration to overcome challenges and continue developing for common prosperity, he said.

Hung said Vietnam always welcomes Indian firms who are keen on investing in the country and seeking partnerships with local businesses.

Statistics showed India is one of the leading trade partners of Vietnam, and the most important partner in South Asia.

According to the General Department of Vietnam Customs, last year, two-way trade reached 10.68 billion USD. So far, India has run 223 projects in Vietnam with total capital of 913.33 million USD.

India ranks 26th out of 131 foreign investors in Vietnam.